April 23, 2014
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SEC Approves Rule Change to Allow ECN/ATS Participation in the OTCBB

On May 10, 2002, the SEC approved a proposed rule change to allow electronic communications networks ("ECNs") and alternative trading systems ("ATSs") to participate in the Over-the-Counter Bulletin Board ("OTCBB"). The revised Rule 6540 states that ATSs and ECNs that wish to participate in the OTCBB will be required to comply with all other OTCBB rules applicable to market makers. These rules include:
  • The OTCBB system does not permit a market maker to post a firm quote for less than the minimum size required by NASD Rule 6750:
  • A participating ATS or ECN is prohibited from charging access fees or post-transaction fees, unless such fees are incorporated in its posted quote; and
  • NASD Rule 6740, Submission of Rule 15c2?11 Information on Non-Nasdaq Securities, will be applied to ATSs and ECNs in the same manner as it applies to market makers.
  • SEC Approval Order NASD 2001-44

    Rule 6540  


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